Avestar Capital LLC Has $812,000 Holdings in Blackstone Inc. (NYSE:BX)

Avestar Capital LLC increased its stake in Blackstone Inc. (NYSE:BX) by 10.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,305 shares of the asset manager’s stock after acquiring an additional 516 shares during the quarter. Avestar Capital LLC’s holdings in Blackstone were worth $812,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BX. Wulff Hansen & CO. raised its position in shares of Blackstone by 12,192.7% in the 2nd quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after acquiring an additional 7,281,128 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Blackstone by 2.3% during the 2nd quarter. Legal & General Group Plc now owns 6,266,207 shares of the asset manager’s stock worth $775,758,000 after buying an additional 141,616 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Blackstone by 15,357.3% in the 3rd quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager’s stock valued at $6,433,220,000 after acquiring an additional 4,173,971 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Blackstone by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,931,411 shares of the asset manager’s stock worth $602,017,000 after acquiring an additional 61,739 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Blackstone by 6.1% during the third quarter. FMR LLC now owns 2,155,068 shares of the asset manager’s stock valued at $330,006,000 after purchasing an additional 124,462 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

BX has been the subject of a number of research analyst reports. Bank of America boosted their target price on Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Cowen reissued a “hold” rating on shares of Blackstone in a research report on Friday, October 18th. Citigroup lifted their price objective on shares of Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Piper Sandler downgraded Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective for the company. in a research note on Wednesday, October 9th. Finally, TD Cowen increased their price target on Blackstone from $133.00 to $149.00 and gave the company a “hold” rating in a research report on Friday, October 18th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $157.63.

Insider Transactions at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the sale, the director now owns 799,749 shares in the company, valued at $120,610,146.69. The trade was a 12.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

Shares of BX opened at $191.64 on Wednesday. The stock’s 50-day simple moving average is $167.36 and its 200 day simple moving average is $143.76. Blackstone Inc. has a 52-week low of $105.51 and a 52-week high of $200.96. The stock has a market capitalization of $138.36 billion, a price-to-earnings ratio of 65.86, a price-to-earnings-growth ratio of 1.69 and a beta of 1.49. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The firm had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Research analysts forecast that Blackstone Inc. will post 4.4 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were paid a $0.86 dividend. This is an increase from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend was Monday, October 28th. Blackstone’s dividend payout ratio (DPR) is currently 118.21%.

Blackstone Profile

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.